Naira Watch

Again, Naira strengthens against US dollar at official, black market

Published

12 months ago

April 27, 2023

For two straight days, the value of the Naira against the American Dollar has strengthened in the Investors and Exporters (I&E), and the parallel market sides of the forex market.

Data from FMDQ Securities Exchange showed that on Wednesday naira appreciated by N1.31 or 0.38 per cent to quote at N462.13/$1 compared to Tuesday’s value of N463.44/$1

This happened despite forex FX demand pressure which increased by $57.28 million or 91.4 per cent to $119.97 million from the $62.69 million recorded in the preceding session.

Also in the black market, the Naira appreciated against the greenback yesterday by N2 to trade at N734/$1 compared with the previous day’s exchange rate of N736/$1.

But it was a different story at the peer-to-peer, as the Nigerian currency depreciated against its American counterpart by N2 to settle at N752/$1, in contrast to the N750/$1 it was exchanged on Tuesday.

At the interbank market, the CBN data showed the local currency was flat against the Pound Sterling and the Euro in the interbank segment of the forex market in the midweek session, closing at N572.99/£1 and N505.04/€1, respectively.

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